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. 2021 Sep 9;139:103893. doi: 10.1016/j.euroecorev.2021.103893

Fig. 3.

Fig. 3

IRFs to a uncertainty shock lowering S&P 500 by 1 percent, Cholesky structural identification. Solid red lines identify the median for the Cholesky identification, while shaded areas and broken lines represent the 68 and 90 percent credibility sets, respectively. Dashed black line, median response to the benchmark COVID-19-induced shock obtained with statistical identification.